Maturity Benefits For Different Term Life Insurance Plans

Choose a life insurance policy with the best maturity benefit will offer you and your loved ones financial stability at the end of the tenure of the plan. Choose from the top life insurance products in the market offered by the best life insurers.
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Life Insurance
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  • Choose between annual and monthly premium payment options

Term insurance plans are basically protection plans. They are particularly designed to protect your family against unforeseen circumstances. These are three types of term insurance plans available in India which include - increasing benefit, level benefit and decreasing benefit. A term insurance plans is a must for the bread winner of a family and for those whose health is not in a good condition.

Maturity Benefits

Maturity benefits refers to the amount received by a policyholder or nominee when a policy matures. A tem insurance policy needs to be active or in force to avail these maturity benefits. Term life insurance policies may include the followings as maturity benefits:

  • The basic sum assured.

  • Accrued guaranteed additions and vested simple reversionary bonuses (if any).

  • Terminal bonus (if applicable).

Term Insurance With Maturity Benefit India

The term life insurance plans with maturity benefits are slightly different form the traditional life insurance plans. Normally, a traditional term insurance policy does not offer any direct maturity benefits to the policyholder. They only provide death benefits when a policyholder dies within the policy term.

So, if any buyer/policyholder wants to have maturity benefit, he/she can opt for a TROP (Term Return of Premium) plan. A term return of premium plan provides income replacement and refund the premiums at maturity, apart from offering all benefits of a traditional term life insurance plan. A TROP plan is a variant of pure term insurance plan and ensures maturity benefits, if the policyholder survives till the end of policy tenure.

Key Features of Term Plans With Maturity Benefit

The term life insurance plans with maturity benefits or term return of premium plans come with a lot of attractive features. Listed below are the key features of term life insurance plans with maturity benefits:

Free-look period

15 days for manually purchased policy

30 days for policies purchased online.

Entry Age

Minimum entry age:18 years

Maximum entry age: 65 years

Grace period

15 to 30 days based upon policy modes. Usually, 15 days for monthly mode policies and 30 days for other modes.

Plan type

Term insurance plans offers flexibility in terms of choosing a plan. One can choose a plan on single life basis or joint life basis.

Premium paying term

Single pay, Limited pay and Regular pay.

Age at maturity

25 year/ 65 years/ 75 years to whole life. Differ from policy to policy.

Policy revival

The policy can revived within two years from the date of unpaid premium.

Premiums

Based on sum assured and age of the applicant.

Nomination

Term life insurance policies with maturity benefits accept nomination.

Premium paying frequency

Yearly/ monthly.

Sum Assured

Vary from policy to policy offered by various life insurance companies.

Policy coverage

Death benefits and maturity benefits.

Policy term

Minimum- 5 years

Maximum – 30-35 years

Benefits of Term Insurance With Maturity Benefit

The term life insurance plans with maturity benefits offer a number of attractive benefits which include:

  • Death Benefits: Term insurance plans offer death benefits to designated nominees. The nominees will receive these death benefits, if the life assured dies within the policy tenure.

  • Maturity Benefits: Normally, traditional life insurance policies don’t offer maturity benefits. But term return of premium life insurance policies offer maturity benefits by returning the total amount of premiums paid so far, provided a policy is continued till the end of term.

  • Tax Benefits: A policyholder can enjoy tax benefits over the premiums paid for term life insurance plans with maturity benefits. The premiums paid and the amount received are exempted from income tax assessment under section 80C and 10 (10D) of the Indian Income Tax Act, 1961.

  • Term life insurance plans with maturity benefits also offer additional riders such as Critical Illness and Accidental Death or Disability riders.

  • Term life insurance plans come at affordable premiums rates.

Top 5 Term Insurance Plans With Maturity Benefit India

Listed below are some of the term life insurance plans in India that come with maturity benefits.

  1. LIC Jeevan Pramukh: This is an Endowment Assurance term life insurance plan offered by Life Insurance Corporation of India. The plan provides financial protection against death throughout the policy term and provides maturity benefits, provided the policyholder holder survives till end of policy term. The policy would pay the sum assured accompanied by accrued guaranteed additions, vested simple reversionary bonuses and terminal Bonus( if any) in a lump-sum as maturity benefits.

  2. MetLife Suraksha TROP: It is a non-participating term life insurance plan offered by PNB MetLife. The plan not only provides life insurance coverage at nominal cost, it also offers the total of all premiums paid along with guaranteed additions.

  3. Max Life Premium Return Protection Plan: This is a term insurance plan with maturity benefits offered by Max Life Insurance Company. The plan not only protects your family against eventualities, it also returns all your premiums paid at maturity.

  4. Aviva iShieldPlan: This is an online non-linked non participating term life insurance plan offered by Aviva. The plan provides guaranteed survival benefits/ money back benefits at maturity which is 110% of total premiums paid.

  5. Tata AIA Life Insurance iRaksha TROP: This is an online term return of premium plan which a returns all total premiums paid, if the policyholder survives till the end of policy term.

How to Choose The Best Term Insurance Plans With Maturity Benefits

In order to choose the best the term life insurance plan with maturity benefits, you need to shop around and do a primary research. Then, compare the plans available in the insurance market and pick up a one based on your requirement.

MATURITY BENEFITS RELATED ARTICLES

Term Insurance Plans For Couples

Term insurance is one of the most preferred type of insurance that many people seek today. This is mostly because of the benefits it offers, which include pure risk protection at an affordable price. Couples who are looking to purchase an insurance policy have the option of either going in for a single life insurance policy or a joint life insurance policy.

In this article, we bring to you some important information about both these types of policies and also some important points of distinction between joint and single life insurance policies on various crucial parameters. You can also read about some term insurance policies which are available specially for couples as well . Read More...

Things You Should Know About Term Insurance Plan Premium Calculators

Those of us who have taken a loan must be familiar with a loan EMI calculator. But did you know, you can also find out the approximate premium you have to pay on your term insurance plan with the help of a term insurance premium calculator? Just like for loans, now you can take the help of an online premium calculator to find out how much an insurance plan is going to cost you.

The working of these calculators is simple and the user is required to provide some policy related information such as their name, age, date of birth, plan type, sum assured, policy term, premium payment term, riders, and other related data. If you too are looking to get a term insurance plan, you will find this article helpful as it talks about some of the important features and benefits which these premium calculators offer and how they work. Read More...

Top 10 Best Performing Term Insurance Plans In India

Planning for the future is something which many of us avoid doing till the very last moment. However, as we grow older, our responsibilities not only towards our own selves but also our family members change. If you are looking after dependent family members, it is a part of your responsibility to ensure that your dependent family members are financially secure if something were to happen to you. For this purpose, a term insurance plan is the best life insurance option available for you.

As you would know, term insurance is also considered to be the purest form of insurance which provides cover against the risk of death. This is a simple and easy to understand insurance plan which offers adequate financial protection to your loved ones if you were to pass away unpredictably.

Not only that, you can also opt for a number of riders which can enhance the coverage provided by your term plan. Here, we have compiled a list the top 10 best performing term insurance plans in India. You can read about each plan in brief to get an idea about what each plan has to offer in terms of benefits, so you can decide which one is best suited for your needs. Read More...

Term Insurance Vs. Endowment Policy

Life insurance has become a must-have in today’s times which can help provide much-needed protection to our dependents in case of an uncertainty. For those looking to purchase a life insurance policy, there is no dearth of choices. To address diverse needs, there are different types of life insurance policies that are available, such as, endowment policies, term insurance policies, unit linked insurance policies, and more.

For those who may be considering between an endowment policy and a term insurance policy, we bring a very helpful comparison between the two in this article. Read about the basic differences between these two policies on various parameters such as who they are ideal for, benefits associated with each policy, sum assured, etc., so you can decide which one is best for you. Read More...

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Term Insurance Plan with Maturity Benefits Reviews

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  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through Lic agent .This is a Maturity benefit policy and the tenure is for 15 years ,I am paying the premium on yearly basis .The premium is nominal ,I am paying the premium through Cash and it is paid through branch .I have got all the relevant details about the policy through the agent.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 19, 2019
  • HDFC Life
    HDFC Life Life Insurance
    "Customer friendly"
    0.5 5.0/5 "Blown Away!"
    I took a policy called Super Income policy from HDFC Life before 3years, they have informed me many benefits but I don't recollect now. If I pay 30K for 8yearrs then I will be getting the premium and plus return on 16 years. Its a worthable policy, Am paying the premium through online. The payment mode is convenient. I got the insurance paper.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 18, 2019
  • ICICI Prudential Life Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    Its a term plan which I taken for my family, I make around Rs. 9000 per annum it has the tenure period around 30 years. I have selected coverage of Rs.75 lakhs, its gives lump sum benefits to my family, the insurance company claim settlement ratio and grievance resolved is great but there is no critical illness benefits.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 18, 2019
  • LIC Life Insurance
    "Good plan"
    0.5 4.0/5 "Great!"
    I have taken a endowment policy with LIC and need to pay the premium for 15 years. I am paying around 3K yearly through cash and sometimes online. Its a good plan and taken for future savings as well as for tax benefits. I got the insurance paper for my policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 18, 2019
  • HDFC Life Life Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have holding one life insurance policy with Life insurance corporation of India from long time, the agent had clearly explain me about the plan benefits and policy coverage, the premium amount i use to pay one time it self to the agent now i do not want to pay any more.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 18, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken some life insurance policy with Life insurance corporation of India from long time, the agent had clearly explain me about the plan benefits and policy coverage, the agent is my friend only he had suggested some policy where i can get good benefits, the premium amount i use to make on monthly basis, it use to get auto debited from my account.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 17, 2019
  • LIC Life Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have been using my life insurance with Life insurance corporation of India, there service is good, the agent had explain me about the policy coverage,and about plan benefits clearly, and the premium amount they have charged me on yearly basis up to 5000 premium amount it use to get auto debited from my account.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 16, 2019
  • LIC Life Insurance
    "Trust worthy"
    0.5 5.0/5 "Blown Away!"
    For one policy with LIC, I make the premium of Rs. 3000 per annum it has duration of 20 years, then I will be getting the benefits along with the sum assured, its covers tax benefits and also the life cover is there for certain demise. Payment option should be simpler through online.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 12, 2019
  • LIC Life Insurance
    "Trust worthy"
    0.5 5.0/5 "Blown Away!"
    I have money back plan, I used to pay the premium around Rs. 25,000 for one year. Every five years they are providing bonus benefits around Rs.65,000, I get the total sum assured around 16 lakhs, I will be getting the sum assured after 15 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 12, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC agent and this policy name is jeevan saral it is a maturity policy it is paid on yearly basis .I am paying the premium of Rs.17000.I have got policy benefits ,policy coverage and payment option details clearly through the agent .I have got my policy documents on time .
    Was this review helpful? 0
    , new delhi
    Reviewed on Jun 11, 2019
  • LIC Life Insurance
    "If you want money in every 5 years, its a useful policy"
    0.5 5.0/5 "Blown Away!"
    Since i have purchased the money back policy from LIC, every 5 years the money will back and the amount will be credited to my account automatically. 4 years back, i have bought the policy. It has some benefits like i received a bulk amount in every 5 years. I am paying the premium amount of Rs. 90000 per annum. I make the premium through online.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jun 11, 2019
  • LIC Life Insurance
    "Useful savings for a person"
    0.5 5.0/5 "Blown Away!"
    LIC is fine. Since its a big life insurance company of India and its undertaken by Government i have chosen the LIC company. This is a pension policy which will be useful for my future benefits. I have purchased this policy for my children and the premium is paying my children. After 60 years only, i get the benefits from this policy. Its a life assured policy.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jun 11, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 3.5/5 "Pretty good"
    I have taken Life Insurance through LIC agent and this is a Jeevan Lab.I am paying Rs.35000 as premium and this policy is still active and the agent gave all the relevant details about this policy .I have got my policy document on time and this policy is very good to me so far have good plan benefits and the policy coverage is also good .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 10, 2019
  • LIC Life Insurance
    "Excellent "
    0.5 5.0/5 "Blown Away!"
    I have purchased one life insurance policy with LIC. Their customer service is good. Its a long term plan with the tenure of 21 years. The benefits are average in Jeevan Anand. I am doing half yearly premium of 6000 rupees through online. The policy coverage is 5L and taken for future savings.
    Was this review helpful? 0
    , jaipur
    Reviewed on Jun 10, 2019
  • LIC Life Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I have 2 life insurance policy with LIC and its been 10 to 15 years. I am more happy with the benefits and service which was offered by them. Its a long term plan and the premium was paid annually around 11K through online. The payment mode is convenient for me.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jun 10, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 2.0/5 "Expected more"
    I have taken Life Insurance policy through LIC agent ad the name of the policy is Jeevan Saral and this is a maturity benefit policy and the tenure is for 20years and i am paying the premium on monthly basis and the premium amount is Rs. 5000.The service is very good to me and i am very much satisfied with the service ,this policy is still active and got the policy documents on time .
    Was this review helpful? 0
    , thane
    Reviewed on Jun 10, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 2.0/5 "Expected more"
    I have taken Life Insurance policy through LIC agent ad the name of the policy is Jeevan Anand and this is a maturity benefit policy and the tenure is for 20years and i am paying the premium on monthly basis and the premium amount is Rs. 5000.The service is very good to me and i am very much comfortable on using this policy ,this policy is still active .
    Was this review helpful? 0
    , thane
    Reviewed on Jun 10, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life insurance policy through LIC agent directly .The LIC agent maturity benefit plan ,15 years ,still the policy is active ,The premium is paid on half yearly mode as well and i am paying the premium of Rs.Rs.12000,policy documents got on time and paying through ECS payment
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 10, 2019
  • LIC Life Insurance
    "Life protection policy"
    0.5 3.0/5 "Satisfactory"
    Bought my life insurance policy from LIFE Insurance Corporation of India. Since its undertaken by Government of India i have chosen this company. The plan name is Jeevan Labh. This is a 12 years tenure period policy. I'm satisfied with the coverage policy and i won't get much benefits from this policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 09, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    If i pay for premium now, i get a benefits in future. I have chosen LIC for my life insurance policy because my cousin has recommended me about the policy. Through online, i used to make the premium through online. I never interacted with the LIC customer care representatives.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 08, 2019
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